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INDUCED GOVERNMENT PURCHASES: Government purchases that depend on income or production (especially national income or gross national product). An increase in national income triggers an increase in induced government purchases. Induced government purchases is graphically depicted as the slope of the government purchases line and is measured by the marginal propensity for government purchases. The induced relation between income and government purchases, as well as other induced expenditures, form the foundation of the multiplier effect triggered by changes in autonomous expenditures.
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Lesson 10: Utility and Demand | Unit 2: A Simple Choice
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Page: 7 of 21
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In this unit, you should have learned about:- How the total and marginal utility derived from consuming a good affects the quantity consumed.
- How a buyer will consume the quantity of a good that generates the highest possible level of utility if not constrained by prices and income.
- How constraints imposed by prices and income prevent a buyer from consuming the highest possible level of utility.
- How changes in the price of a good cause a different quantity of a good to be consumed that generates a different marginal utility.
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WHAT? The allocation question that determines the types and quantities of goods and services produced with society's limited resources. What goods and services are produced with society's limited resources? This is one of three basic questions of allocation. The other two are How? and For Whom?
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PINK FADFLY
[What's This?]
Today, you are likely to spend a great deal of time at the confiscated property police auction seeking to buy either throw pillows for your bed or a package of blank rewritable CDs. Be on the lookout for bottles of barbeque sauce that act TOO innocent.
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This isn't me! What am I?
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Much of the $15 million used by the United States to finance the Louisiana Purchase from France was borrowed from European banks.
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"For a writer, published works are like fallen flowers, but the expected new work is like a calyx waiting to blossom." -- Cao Yu, Playwright
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NBV
Net Book Value
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